Adam Smith’s moral philosophy I

History of Economic Thought // Spring 2025

Prof. Santetti

marcio.santetti@emerson.edu

Preface

Preface



“No economist’s name is more frequently invoked than that of Adam Smith, and no economist’s works are less frequently read.” (Heilbroner, 1986, p. 11)

Preface




What happens if you “google” the term Invisible hand?

Smith and his times

Smith and his times


Adam Smith by John Kay (1838)

  • 1723: Born in Kircaldy (Scotland)

  • 1751: Chair in Logic at the University of Glasgow

  • 1752: Moved to Chair of Moral Philosophy

  • 1759: The Theory of Moral Sentiments

  • Tutor to Charles Townshend’s stepson

  • 1763: Travels to France and meets Quesnay

  • 1776: Wealth of Nations

  • 1790: Died at 67 in Edinburgh

Smith and his times


Historical context


The (Scottish) Enlightenment


  • Goal: human emancipation

  • Reason + “passions”

Smith and his times


The (Scottish) Enlightenment


Important views:

  • The laws of Political economy should stand on their own

  • Are the acquisitive ethics of capitalism compatible with traditional virtues of sociability, sympathy and justice?

The Fable of the bees

The Fable of the bees


Bernard de Mandeville (1670—1733)

Smith’s early writings

Smith’s early writings


Essays + Lectures given at the University fo Edinburgh prior to 1759 (TMS)


[1] Lectures on Rhetoric and Belles Lettres

[2] The History of Astronomy

[3] Lectures on Jurisprudence

Smith’s early writings

[1] Lectures on Rhetoric and Belles Lettres


  • Rhetoric as the basis of persuasion

“We are to observe that … subordinate propositions should not be above five in number. When they exceed this number the mind cannot easily comprehend them at one view; and the whole runs into confusion. Three or thereabout is a very proper number; and it is observed that this number is much more easily comprehended than two or four. In the number three there is, as it were, a middle and two extremes; but in two or four there is no middle on which attention can be fixed.” (pp. 142–43)

Smith’s early writings

[2] The History of Astronomy


  • Likely around 1758

  • Why do men theorize in the first place, whether about astronomy or anything else?

“[T]he repose and tranquillity of the imagination is the ultimate end of philosophy.” (p. 61)

Smith’s early writings

[3] Lectures on Jurisprudence


  • Many subjects from The Wealth of Nations in a draft-like manner.

Next time: The Theory of Moral Sentiments